Buying new construction is a little different from buying other properties. Below are a few tips to help you purchase your new construction.
Understand the Offer
The first thing is to understand the nature of the offer. Developers don't wait until their properties are complete to sell the properties. You can buy a new home off-plan or under construction. Confirm the construction stage before you take any step. Go for a physical view of the house so that you can confirm the construction stage.
Buy a Finished Property
Although you can buy a home at any stage of the construction, the best thing is to buy a complete structure. An off-plan house or a house under construction comes with some risks. For example, disasters can happen and delay construction. In some cases, unexpected difficulties might force the developer to change the house's specifications before completion.
Inspect the Property
Property inspection is a critical step in the home purchase process. Don't skip the step even if you are buying new construction. New constructions do come with defects that the inspector can spot. For example, you can use the inspection report to confirm that the builder has adhered to the building code to the letter.
Understand the Warranty
New homes typically come with warranties that cover both materials and warranty. The warranty ensures you don't lose any money if something goes wrong soon after your purchase. For example, the warranty can compensate you for an electrical malfunction that arises within the first year of purchase. Scrutinize the warranty to understand what it covers plus its terms and conditions.
Shop for a Good Lender
If you need financing for the purchase, understand that you are free to use any lender you wish. Some builders make it seem as if you have to use their lender, but that is not true. However, builders are free to restrict incentives, such as low closing costs or interest rates, to those who use their lenders.
Use an Agent
Some people don't use agents with new home purchases, but you should use one. Understand that you will deal with the builder's own sales agent. You need an experienced real estate professional, your agent, so that you are not at a disadvantage during the negotiations.
Hopefully, the tips above will help you get the home of your dreams. Describe what you want to your real estate agent so that they can help you get the right home.
